The GBP/JPY pair appears to have hit a resistance at 147.84, and could be pulling back down towards our key pivot and support levels. April inflation figures are up for release today at 9:30 am GMT, and are mostly expected to reflect a return in upside price pressures. the headline CPI is projected to tick up from 2.3% to 2.6% in April while the core reading probably recovered from 1.8% to 2.2% in the same month. However, keep in mind that upbeat inflation readings might not be such good news for the U.K. economy this time around, especially since the BOE emphasized that the consumer sector is having a tough time keeping up with sharp price gains. More on the economic calendar today we have Euro-Zone Gross Domestic Product at 9 AM, which is expected to remain the same at 1.7%. Thanks for watching, invest responsibly and I wish you the best of luck making pips by trading forex.
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